TTF Chief Executive, Margy Osmond, said the nine-year, $397 million East Building redevelopment will pave the way for Adelaide to take full advantage of Australia’s lucrative business and major events markets.

“The wait has well and truly been worth it,” Ms Osmond said. “The inspired design of the building will make it an instant icon of the city and put it on par with convention facilities anywhere in the world.

“Conferences and business events are an important driver of Adelaide’s visitor economy and investing in the facilities that encourage growth of these markets supports jobs, encourages visitation and contributes significantly to local economies.

“Business events are a particularly lucrative market with visitors often spending up to four times more than regular tourists on accommodation, restaurants, entertainment, shopping and transport.

“The South Australian Government estimates the project will inject an additional $1.9 billion into the state’s economy over the next 25 years, and it is already paying dividends with large-scale events such the World Indigenous Peoples Conference on Education lining up to use the facility.

“However, the net worth of business and conference events far exceeds their hard dollar value – they promote and showcase local innovation to the world, attract investment and bring national and international leaders into cities they would otherwise not have visited.”